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Global Investigations & Compliance Review
On August 28, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued two final rules to counter financial crime and safeguard national security: one broadening the definition of “financial institution” to include certain registered investment advisers (“RIAs”) and exempt reporting advisers (“ERAs”) under the Bank Secrecy Act (“BSA”), and one mandating...… Continue Reading The post FinCEN Issues Investment Adviser and Real Estate Rules appeared first on Global Investigations & Compliance Review.
October 2024 | Blog
On September 15, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced a $15 million civil money penalty against a Puerto Rican International Banking Entity (“IBE”), Bancrédito International Bank and Trust Corporation (“Bancrédito” or “the Bank”). The public consent order details the Bank’s multiple violations of the Bank Secrecy Act (“BSA”),...… Continue Reading The post FinCEN Penalizes Puerto Rican Bank for BSA Violations in First Enforcement Action Involving the “Gap Rule” appeared first on Global Investigations & Compliance Review.
September 2023 | Blog
On January 24, 2023, the Federal Reserve Board (“FRB”) assessed a second-tier[1] civil penalty of $2.3 million against New York-based Popular Bank (or the “Bank”) for unsafe and unsound practices related to six Paycheck Protection Program (“PPP”) loans. According to the FRB, the Bank processed and funded these loans despite detecting significant indicia of fraud...… Continue Reading The post The Federal Reserve Acts on BSA Failures Related to PPP Loan Fraud appeared first on Global Investigations & Compliance Review.
February 2023 | Blog
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